$200 million project planned for Tripoli

Businessmen to donate profits for development

A major touristic project is being planned for Tripoli. Private sector leaders in the city have already established for this purpose a company, Tripoli Seafront Holding. The company’s main shareholders include MP Robert Fadel, among other key businessmen from Tripoli.

The project will see the construction of commercial and residential buildings along with a number of touristic attractions.

The cost of the project is around $200 million. Investors, companies, and banks will partake in the funding. Architecture work will be undertaken by Dar al-Handasa.

The project will be constructed opposite to the Beirut Arab University in the marina area. “An offshore area of around 1 million square meters will be reclaimed throughout the project,” said Omar Hallab, board member of Tripoli Seafront Holding. The company will also collaborate with the Ministry of Environment in order to preserve maritime wealth and natural undersea environment.

Hallab said 60 percent of the land on which the project will be constructed will be bought from the State. The remaining are is owned by investors. Hallab said profits from the project will be used to finance developmental projects in the city.

The project will be carried out by 30 businessmen and is expected to provide around twelve thousand job opportunities.